Bac Giang improves quality of investment attraction

A corner of Bac Giang (Photo: Bac Giang newspaper)

The northern province of Bac Giang will focus on improving the quality of investment promotion work in the near future, said Chairman of the provincial People’s Committee Le Anh Duong.

Under its scheme on improving the efficiency of investment attraction till 2030, Duong said the province will target strategic investors, and hold dialogues with the business community in various industries, with a particular focus on small and medium-sized enterprises.

Bac Giang is also preparing necessary conditions, especially in terms of infrastructure, human resources and land to proactively attract foreign capital flows, especially high-quality capital with advanced technology.

In the near future, the province will guide businesses in strictly complying with legal regulations on investment, production, labour, environment and construction. It will strengthen inspections and strictly handle violations in investment, revoke licences of delayed projects and thoroughly assess the potential impacts of foreign-invested projects on local security, order, environment and society.

For licensed projects, the locality will review their progress and fix any shortcomings and arising problems.

Besides, the province is working to be more selective in attracting investment projects, with a focus on high-tech, large-scale projects and those that will churn out competitive products, join the global value chain and significantly contribute to the state budget and social welfare.

From now to 2025, Bac Giang aims to lure investments in industrial development intensively, towards improving productivity, quality and efficiency, and reducing the use of natural resources and energy.

It expects to raise investment projects’ contributions to its gross regional domestic product (GRDP) to 60-62% by 2025, and 66-68% by 2030.

The total disbursed investment is set at 246 trillion VND (10.4 billion USD) during the 2021-2025 period, and 613 trillion VND for 2026-2030.

Meanwhile, budget collection from projects is projected to increase 17% each year to reach 5.75 trillion VND by 2025, accounting for 38.3% of the province’s total budget collection. The numbers are expected to hit 12.6 trillion VND by 2030, and 52.7%.

In April, Bac Giang attracted 63.4 million USD worth of investment both domestic and foreign, or 1.7 times higher than the same period last year. For the first four months of this year, the figure hit over 1 billion USD, nearly 2.2 times higher than last year’s same period. Of which, there were three new domestic projects worth 402.8 billion VND and 17 FDI projects valued at 943.9 million USD. Moreover, 8 domestic and 9 FDI projects increased their capital by 364.9 billion VND and 41.8 million USD, respectively.

Illustrative image (Photo: VNA)

In 2022, Bac Giang was the first province in the country to have its development master plan for the 2021-2030 period with a vision until 2050 approved by the Prime Minister. Information on the province's investment is provided through various channels, such as the English, Chinese, and Korean pages on the province's electronic portal, the Japan Desk and Korea Desk investment support teams, and the bilingual "Economic Diplomacy" section in Vietnamese and English on the provincial Department of External Affairs' website.

The provincial People's Committee has held meetings with foreign delegations who came to explore opportunities in the province, and engaged in online meetings with investors from Japan, Hungary and Turkey, and provided information for the Vietnamese Embassy in India, Vietnamese diplomatic representative agencies in the US and the Singaporean Embassy in Vietnam.

Also last year, Bac Giang drew around 1.7 billion USD in investment capital, up 6.5% annually. In terms of FDI attraction, Bac Giang ranked ninth nationwide. To date, 27 countries and territories have been investing in Bac Giang, of which China is the biggest investor with over 170 projects worth around 3.41 billion USD, followed by the RoK with more than 300 projects valued at some 2.1 billion USD./.